Fifth & Pacific selling Lucky Brand for $225M

NEW YORK (AP) — Fifth & Pacific is selling its Lucky Brand Jeans for $225 million so that it can better focus on its Kate Spade brand.

The New York company, formerly known as Liz Claiborne, has been selling off parts of its business over the past few years. Before announcing the sale Tuesday to an affiliate of Leonard Green & Partners LP, it sold its Juicy Couture brand in October to Authentic Brands Group for $195 million.

The Lucky deal includes $140 million in cash and $85 million as a three-year seller note.

Fifth & Pacific Cos. said that Lucky Brand Jeans will assume the proportionate share of its sourcing contract with Li & Fung as well as some of its other obligations.